Japanese
yen slightly dropped on Tuesday after the Bank of Japan as expected kept the negative
interest rate level of 0.1%. Supported by a rise in the US interest rates
earlier and keeping this in Japan, the USD/JPY pair continued to move upwards.
In early Asian session the pair hit a daily high at 118.23, but closed the session
at 117.85. Looking at the daily chart it is seen that the pair is consolidating
and the the strong bullish momentum is loosing strength, but is still holding
above the key level at 100.
Today the pair failed to stay above the 118 mark and dropped to 117 area. An
intraday low was pinned at 117.05 and the current market price is 117.36.
Still the long-term outlook remains bullish.
Support is seen at 117.00 and 116.52. Resistance is located at 118.00 and
118.64.
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